Hinckley & Rugby launch an interest-only mortgage

Aaron Strutt Image
Hinckley & Rugby Building Society has launched an interest-only mortgage designed for borrowers looking secure lower monthly repayments. The mortgage is available to those with a 50% deposit and the rate is discounted from their standard variable rate at 4.99%. There is a £1,090 arrangement fee and the maximum advance is £1 million. Aaron Strutt, a broker at Trinity Financial, says: “Some of the more traditional lenders still offer interest-only mortgages. However, Abbey for Intermediaries require at least £100,000 equity in your home and Woolwich will lend only on an interest-only basis if you are borrowing over £300,000.” December 14, 2012
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